Tuesday, May 13, 2008 at 07:14AM
Jenae Update
We touched on a(nother) foreclosure in Bressi Ranch, revisiting briefly the scene of the crime that Jenae and her cronies had left behind. Once a neighborhood (and houses and agents in particular), have been tainted with scandal, home buyers don't want to touch them with a ten-foot pole.
A reader wanted an explanation as to why the 4,608 sf foreclosure on Arundel might list for only $995,000, as I suggested. It's an aggressive price, admittedly, but if you are a lender and/or listing agent and you see the current work of Jenae, what would you do? Here is her active listing of one of her victims - that's right, the buyers of this home listed with her to sell it!
6239 Lismore
4 br/3.5 ba, 3,464 sf
$1,350,000 SP 5/07
$1,300,000 financed
$875,000 Today's list price
120 days on market
This house was originally owned by a broker who had it listed for $1,199,000 to $1,225,000 in early 2007. But when Jenae came along and suggested inflating the sales price to include a generous "property management fee" to be kicked back by the seller - they couldn't resist. The sellers had already been on the market for 160 days at the lower price, in their mind they had to do something.
We checked out the buyers - they live in a 1,448 sf house in Escondido that cost them $205,000 in 2000. They had no business buying a house like this to live in, let alone try to flip or lease-option with $50,000 down.
But they bought it, believing they could get rich on a lease-option program that had no risk - the property management fee was their fall-back money. Until it went away.
So you can guess the rest - they tried to rent it out on the lease-option plan, but no one wanted to pay the exorbitant $10,000 per month rent, and I don't think anyone has lived there for the past year. The extra money disappeared, so the payments aren't being made, and the notice of default got filed on April 7th.
So they are scrambling now - but Jenae told me that she is confident that the market will be picking up this summer. She is down the the current list price of $875,000, but no takers, even though she has this in her MLS remarks:
"Bank APPROVED at $875K or above, submit offer ASAP and close by end of June. No waiting, already approved price. Approved offer was canceled. Submit offers TODAY."
Jim the Realtor
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Reader Comments (12)
Jim,
There was a "pseudo" renter in there for about 6 months. Got flushed out a few months back. They never made that 10k a month nut!
They advertised "bad or no credit OK" - great, that's just who I want renting my million-dollar house. Think that quality of tenant will ever qualify for a million-dollar loan?
BTW, Jenae never threatened to sue me, just Johnny Boy. Jenae said she thought she threatened to sue me, but I never received anything from her or from an attorney, on her behalf.
She should sue herself... straight off of a cliff.
Someone explain to me how she isn't in jail.
What family that make 200+K (income required to support an 875K house) wants to live in a house next to an airport without a yard on a block with foreclosures and unpaid property taxes (see OC renter's blog http://bubbletracking.blogspot.com/2008/04/that-sinking-feeling-in-bressi-ranch.html)?
Also, who cancelled an approved offer (as stated on the mls remarks)?
Jim,
I have been following your posts religiously for the past 2 months. I have learned a lot about real estate and the REO market from you as well as the usual cast of characters who write in. I am not familiar with your history concerning 'Jenae'. Could you post a link to a previous journal page so I can fill in the blank spots?
I wonder if Jenae is the type of chick that could do easy time?
Can anyone please explain with Super-J isn't under indictment? Or how she continues to hold a Realtor's license?
I'm just curious. I'm not surprised that the CAR has no standards but surely someone there in the SD Justice system might be slightly interested in her and her pack-mates?
What am I missing here?
Here is a very specific question, but the answer may be of interest to multiple people so I will post it. If you don't agree just ignore.
I have found a house that I am very interested in and the price being offered is very good (IMHO). It is essentially the 2003 price paid by the owner and there are still many other people trying to sell similar properties at 35-75% per sq/ft more.
Anyway, I think the owner may be in distress becuase there is one known maintenance issue with the property.
How can I find out if a NOD has been sent, if the loan amount is higher than the price being asked or if there are any tax problems?
Can I do the preliminary work myself on the net or is this subscription service only?
Thanks for any help and I apologize if this is too specific a question for this forum!
daveg,
You can check NODs on www.foreclosure.com and I'm sure there are other websites too.
I haven't found a site that offers the public records data for free. The county will sell it to you, and the title companies reserve it for the realtors only.
Any realtor can get all those answers for you - if you want to send me the address, I'll check it out for you.
I don't know why the FBI has prosecuted her yet, but they have a full file on her and co-horts. Agreed, if they did find her guilty, she'd do easy time.
They gace 3-4 months to the Lopez bros., so Jenae is probably good for 30-60 days jail time, and maybe just probation.
For Neil and others, I'm going to reserve comment on the whole scam. I've had people call me too, and I don't know who is legit and who is Jenae-friendly, trying to bait me, hoping to sue.
Jim,
I personally don't know either of you, but I do enjoy reading the journal entries. I will respect your right to reserve comment. I wouldn't want to place myself in harm’s way either. I was just curious as to the "beef" of the issue as I learn a lot from these posts and would like to know what to look out for. I am not too gullible, and can usually smell a scam when it is presented, but just curious.
Thanks Jim. I will take a look.